Magna Mining Files Updated Preliminary Economic Assessment for the Crean Hill Project

Sudbury, November 1, 2024 - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to announce that further to its news release dated September 17, 2024 titled "Magna Mining Completes Updated Preliminary Economic Assessment of the Crean Hill Project" the Company has filed on SEDAR an independent technical report titled "Preliminary Economic Assessment Update for the Crean Hill Project, Sudbury, Ontario, Canada".

The technical report has been filed in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A copy of the technical report is available under the Company's profile page at www.sedarplus.com.

The independent technical report is dated November 1, 2024, with an effective date of April 15, 2024, and was prepared by SGS Geological Services ('SGS').

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a preliminary economic assessment technical report dated November 1, 2024. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.magnamining.com). For more information, please contact:

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the closing of the Transaction, the ability to satisfy the closing conditions relating to the Transaction including receipt of all required third party consents and regulatory approvals, the production and exploration potential of the McCready West Copper Mine and related projects, the production at the Shakespeare and Crean Hill Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228645